Investing in Cherryrock Capital

Gratitude invested in the first fund of Cherryrock Capital, which successfully closed at $172 million. The firm, co-founded by Stacy Brown-Philpot and Saydeah Howard, is focused on backing underinvested founders at the Series A and B, a critical gap in venture capital where very few diverse-led funds are able to lead fundraising rounds for portfolio companies.

Our investment in Cherryrock is through Gratitude’s Inclusive Capital Fund, which backs the next generation of emerging, impact venture managers. We are proud to be investors alongside an impressive roster of firms and individuals including JPMorgan, Goldman Sachs, Pivotal Ventures, Reid Hoffman, and Mellody Hobson.

The Capital Barrier for Diverse Founders and Fund Managers

Black and Latine startup founders raise $35 million less across funding cycles than their peers, yet are 11x more likely to build billion-dollar companies. Black founders received less than 0.5% of all venture capital raised in 2023 and 2024. The disparities of who controls capital is also stark: only 1.4% of the $82 trillion in U.S. assets under management (AUM) are currently managed by firms that are majority owned by women or people of color. 

At the growth stage, few diverse-led funds are in the position to lead rounds, where the lead investor sets the terms, takes a board seat, and writes the biggest check. Cherryrock is stepping into that void with their deep expertise and world-class network to help their portfolio companies grow and thrive.  

Why We Invested in Cherryrock Capital

Proven leadership at scale

Stacy brings a unique blend of operating, investing, and governing experience to Cherryrock. She is the former CEO of TaskRabbit, where she scaled the company from $1M to $100M and led its acquisition by IKEA. Stacy also sits on the boards of notable public and private companies, including HP, and helped found Softbank Open Opportunity Fund. Saydeah brings world-class experience in talent and scaling from her years as Partner and Chief Talent Officer at growth venture firm IVP. The Cherryrock team also includes Adrianna Samaniego (formerly Female Founders Fund) and Christa Williams (formerly Citi Impact Fund), collectively bringing institutional discipline and a differentiated network to growth-stage investing.

Network access and ability to win competitive deals

The Cherryrock team has built a strong network and reputation amongst founders, corporate executives, and co-investors. The firm’s first two investments were sourced through Stacy’s network. Cherryrock was able to co-lead the Series B for Coactive AI alongside Emerson Collective and led the Series A for Vitable Health with participation from First Round Capital and Citi Impact Fund. In both cases, the founders had competing offers from other blue chip venture firms but chose Cherryrock because of their values alignment, deep operating experience, and hands-on support.

Portfolio support as a strategic edge

Cherryrock leads rounds and takes board seats at a critical juncture in a tech company’s journey. The team delivers pragmatic and relational value through coaching, connections, and content. From building repeatable sales processes to weighing in on key hires to making introductions to Fortune 500 companies, Cherryrock’s platform is designed to help founders scale from $1M to $100M in revenue.

Cherryrock is now one of the largest Black woman–founded funds in venture capital history. We believe they will play a pivotal role in shifting who gets funded and who gets to lead at scale. We’re proud to be backers of this category-defining enterprise and look forward to co-investing alongside them, supporting their portfolio, and amplifying their work.